Assuming my rough notes are correct and Mr Ransley is not telling porkies, If they put nothing upfront, they will pay either $3.5m per month over 7 years or $4.5m per month over 5 years. Which if over 5 years would be $57m in interest payments at 9.9% or $82m interest over 7 years. Hopefully they keep their cash and dont need to forkout much of an upfront payment.
I assume OCP will accept the new interest rate on their 80m loan.
I read somewhere, but can't find the article, that they are considering financing from industry and not a finance house.
Something along the lines of a larger company taking a stake. Anybody heard this?
Ann: South African Business Operations Management Control, page-20
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